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Mar 31, 2025
Coinbase Q1 2025 Earnings Report
Coinbase reported solid results with revenue over $2 billion and continued profitability in Q1 2025.
Key Takeaways
Coinbase posted $2.03 billion in revenue and $66 million in net income for Q1 2025, supported by strong subscription growth and increased stablecoin utility. Adjusted EBITDA reached $930 million, while the company also announced a major acquisition to boost its derivatives business.
Generated $2.03 billion in total revenue and $66 million in net income.
Adjusted EBITDA came in at $930 million, indicating strong operational efficiency.
USDC market cap reached over $60 billion, with stablecoin revenue rising to $298 million.
Announced the acquisition of Deribit for approximately $2.9 billion to expand global crypto derivatives.
Revenue by Segment
Forward Guidance
Coinbase expects softer crypto markets in Q2 but remains focused on growing utility and maintaining disciplined cost structure.
Positive Outlook
- Subscription and services revenue expected to reach $600–680 million.
- Stablecoin revenue growth expected to continue.
- Technology & development and G&A expenses projected to decline due to lower variable costs.
- Expected headcount growth to support long-term roadmap.
- Plans to invest in marketing depending on market conditions.
Challenges Ahead
- Crypto asset prices, especially ETH and SOL, have declined significantly entering Q2.
- Blockchain rewards revenue expected to drop.
- Market volatility could lead to reduced customer trading activity.
- Performance marketing spend highly dependent on uncertain market signals.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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